Cattle Leery; Lean Hogs Trapped in Sideways Trade
The later part of the week has plenty to sort out after Tuesday.
Tuesday’s close leaves Wednesday with a lot of unknowns to sort out. A stronger tone is set for cash cattle trade, but how much stronger will the week’s averages line out to be? Is the feeder cattle complex rethinking its aggression or did the day’s trade simply allow for a rest before continuing with upward strength? Hog prices are unavailable on the National Direct Afternoon Hog Report due to packer submission problems. October lean hogs are up $0.63 at $49.025, December corn is down 8 1/4 cents per bushel and December soybean meal is down $4.30. The Dow Jones Industrial Average is up 164.07 points and NASDAQ is up 38.36 points.